Shamrock
Rainbow
Emerald
Gold
Clover
100
You fill out this form to prove that you are a US citizen or that you have a permit to work in the U.S
What is an I9?
100
What does YTD mean?
Year to Date
100
What is a dependant?
Someone who relies on someone else financially.
100
What happens if you don't pay enough in taxes?
You owe money to the IRS
100
This box on the W-2 tells if you contributed to your employers retirement plan.
What is box 13?
200
This is the name of the form that is generated by your employer to give information about your wages, taxes withheld, and other information for the purpose of filing your federal, state, and local taxes.
What is an W2?
200
What are three itemized deductions I could claim now or in the near future?
Medical expenses, charitable contributions, mortgage interest, real property taxes, or business expenses.
200
Molly is filling out her 1040. This is the box on her W-2 that shows how much money her employer withheld for her federal taxes throughout the year.
What is box 2?
200
These are examples of this term:
paycheck stubs, W-4 worksheets, records of tips, medical receipts, charity receipts, W-2
What are financial records?
200
This deducts a fixed amount of your taxable income.
What is a standard deduction?
300
This is the purpose of a W-4 form.
What is to set the correct amount of federal income tax to be withheld from your pay.
300
Who pays income taxes?
Anyone who works and makes more than $14,600
300
This is an examination of your tax return by the IRS.
What is an audit?
300
The countries in which a person must reside to be a qualifying dependent.
U.S., Canada, Mexico
300
Jacob is 16 years old and made $6,000 at Cane's throughout the year. Does he need to file a tax return and why?
No, because he makes less than $14,600 and can be claimed as a dependent by his parents.
400
-Daily Double-
These are the 3 rules regarding taxes that the Congress must abide by?
The purpose of the tax must be for “the common defense and general welfare”
Federal taxes must be the same in every state.
The government may not tax exports
400
These are the document(s) you will need to have when you sit down to file your 1040 form?
What are W-2, Social Security Card,1099, receipts for medical or dental receipts, charity receipts, property tax documents.
400
This amendment gives Congress the power to levy an income tax.
What is the Sixteenth Amendment?
400
The tax rate you will pay for each portion of your income that falls within a certain set range.
What is a tax bracket?
400
Sawyer is 19 years old, lives with his girlfriend and 2 roommates, and made $15,000 at the House of Hot Sauce this year. He is wondering if and how he should file. Explain to Sawyer what the law says he should do.
Yes, Swayer should file his taxes because makes more than $14,600. He should file as single since he is unmarried.
500
This tax document tells you how much you have made through the year when you are an independent contractor.
What is an 1099?
500
To be exempt from withholding, both of the following must be true:
- You owed no federal income tax in the prior tax year, and
- You expect to owe no federal income tax in the current tax year.
500
This is what it's called when federal income taxes are collected throughout the course of the year as individuals earn income.
What is “Pay-as-You-Earn” Taxation?
500
Marcos got married.
Anita had a baby.
Jay filed his taxes and found out he owes money. He wants to make sure this doesn't happen again next year.
This action should be taken by Marcos, Anita, and Jay.
What is refile their W4?
Anita and Marcos need to do this ASAP at work.
For Jay have his employer take out extra using a W-4 form.
Don't forget: You're allowed to give your employer a new W-4 at any time.
500
This takes a higher percentage of income from the poor than from the rich.
What is regressive tax?
600
This is designed to take a larger percentage of income from the wealthy than the poor.
Bonus 100 point opportunity:
This an example of this kind of tax.
What is progressive tax?
Bonus 100 point opportunity:
Income Tax
600
This type of tax is used to raise the price of foreign goods and help American companies.
What are import taxes or a tariff?
600
Under these 3 conditions can your parents continue to claim you until you're 24 (You must get all 3).
What is you make less than $14,600, enrolled full time as a student, and are unmarried?
600
General Goofy has started a 3D printing business making jewelry for cosplayers. After expenses he made $234.89 should he claim the profits from his small business on his taxes?
No, General Goofy made less than $400 from his self-employment.
600
Toni Storm is unmarried and makes $100,000,000 a year as a wrestler. Mariah May lives with Toni, but is unable to work as she is recovering from an injury. Mariah is entirely supported by Toni. This is how Toni should file and why.
What is filing as head of household? Toni is unmarried, pays for over 50% of the rent and utilities, and can claim Mariah as a dependent since she is supporting her.